INNOVATION 3

Introduction

Essence Drinks Company was established two years ago by Akshay Kumar. The company
started up the business with the innovative idea to produce Lassi (a desi drink) in mango flavor.
Companies manufacture drinks with different flavors to sell out in their selected target market. In
the beginning Essence Drinks product portfolio was limited to the healthy mango Lassi only but
success and continuous growth encouraged Essence Drinks Company to bring some innovation in
their product line. The company has a strong workforce and fully equipped manufacturing plants
to prepare, label, and supply products on time. Currently, the company is covering a large
geographical area including many cities in the UK.

1) Invention and Innovation

Invention and innovation are quite different terms with different meanings. The invention is
about the introduction of a thing or product in the market that has never made before. While on
the other hand, innovation is about implementing a new idea about a process, thing, service, or a
product for the very first time. In other words, innovation comes from adding value or bringing
improvement in a previously existing product. While invention never exists before it relates to the
crafting, and developing something quite new. Invention usually requires scientific skills while
innovation relies on technical, marketing, strategic skills.

In the business world, an organization can introduce an innovative product by combining

the features of different products. But in search of the invention, they have to strike a new idea that
cannot be a combination or improvement of an existing product (Keeley, et al., 2013). Basically,
the invention is the first step after that innovation comes. For instance, solar cells, telephones, and
televisions were inventions. But now smart phones with various kinds of features are the
innovative products of simple mobile phone invention. Similarly, color television, HD, and other
modern features of televisions are caused by innovation.

2) Value and Importance of Innovation

Innovation has significant importance and value in all types of businesses. Innovation
provides a chance to create competitive advantage and increase sales. Customers always look for
new features, functions, and innovative ideas. Therefore, companies ever try to introduce
something unique and something highly appealing to customers to make them satisfied.
Customer's satisfaction helps out the organizations to secure a strong position in the competitive
market and build customer equity (Snyder & Duarte, 2003). In other words, we can say that
innovation helps out an organization to make its products dynamics, powerful, and unique.

In this book Snyder and Duarte, (2003) wrote that lack of innovation is more costly for the
organizations as the compared to the failure of products. Because without innovation companies
cannot survive in the competitive market. In fact writer emphasis that organizations need to
conduct research to bring innovation in their products and services in order to ensure yield (Snyder
& Duarte, 2003). Moreover, evaluating the business environment it can be said that enhance in
innovation can take a financial commitment.

Essence Drinks need to embed innovation within the organizational leadership, and culture
of the organization to deal with the highly competitive targeted market. Leaders and managerial